Should you hire a financial manager for your personal investments/savings?

I think everyone should do 1 of 2 things:

A. Learn about finance and make smart decisions.

B. Hire a competent financial agent and learn enough about finance to hold them accountable.

It’s a very good idea unless you have a lot of confidence in your own ability. I have been happy having one.

I used one for about three years, and I found that with a little bit of effort on my part – mostly reading and research – I could do everything he did but without his service charge.

@gorilapaws has a very good answer. I have read too many times where actors, bands, athletes etc, have lost all their money by hiring a financial manager and never checked to see what was happening to their money.

@chyna and @gorillapaws are right of course. My financial planner never makes a change or investment without talking to me and I get monthly reports of where my investments are. We also have meetings a few times a year. if you are in the States at least, you should look for a planner who says s/he is a fiduciary – which means they are bound to act in their clients best interest.

Some of it does depend on how much capital you are talking about investing too.

Agree completely with @gorillapaws

Don’t try anything in an area you don’t understand. You first need to spend time to learn financial management.